Please note – the lawyers at Fourscore Business Law are experienced in business matters of many kinds, which give us the opportunity to be involved in tax discussions on a regular basis. However, we are not CPAs or “tax” lawyers. We have many great contacts and refer our clients to them when needed. Please do not take the summary set forth in this article as tax or business planning advice!Based in the Research Triangle region of North Carolina, Fourscore Business Law serves entrepreneurs and businesses in Raleigh, Durham, Chapel Hill, Wilmington, Charlotte and throughout the Southeast. We also represent venture capital funds and other investors who invest in companies located in New York, Silicon Valley and everywhere between. The idea of delivering maximum impact in a simple and succinct manner is what we’re calling the Fourscore Principle. And that is what Fourscore Business Law is based on. Our clients operate in a broad range of industries including tech, IoT, consumer products, B2B services and more. Questions? Shoot us an email or give us a call at (919) 307-5356. Your first call is on us.
As tax season comes to an end you are likely either just happy it’s over or regretful that you did not find better ways to reduce your tax bill. Without getting into the philosophical and moral arguments for and against various taxation schemes, we would like to offer you several options to consider for next time that will both mitigate your tax liability and help society or the environment. Below, please find links to several non-profit organizations to which you may donate and reduce your tax bill while supporting a good cause. Please remember that although donating your time is a very noble and beneficial act, it is generally not tax deductible. To maximize your tax deduction, please consult a certified public accountant before making donations to any organizations, including those listed here. World Wildlife Fund: The World Wildlife Fund is one of the best known non-profit organizations that focuses on protecting endangered species. 85% of all donations go directly to animal protection. This 501(c)(3) has worked toward the goal of protecting animals and their environments since 1961. They are fully-staffed with species and environmental experts who have dedicated their careers to protecting various types of endangered species. One popular way to make a tax-deductible contribution to this organization is to symbolically adopt an animal. Adoptees receive an option license, a stuffed animal and species card for each donation of $55.00. Please visit their website if you are interested. American Red Cross: The American Red Cross is one of the best-known charities in the world. Ninety-one percent of each donation goes directly to humanitarian services and programs sponsored by the Red Cross. The American Red Cross offers numerous training and certification programs and serves both military families and disaster-relief projects. As a 501(c)(3) organization, all donations to the Red Cross are tax deductible. Current relief efforts in which the American Red Cross are engaged include those related to the devastation caused by Hurricane Harvey, Superstorm Sandy and daily house fires. If you are interested in making a tax-deductible donation to the American Red Cross, please visit their website here. The YMCA/ YWCA: The YMCA (Young Men’s Christian Association) and YWCA (Young Women’s Christian Association) have become integral parts of many American’s lives. However, these organizations are much more than just nice gyms. Since 1844 the YMCA has been helping people all around the world develop a healthy “body, mind and spirit”. Today, the YMCA and YWCA provide educational scholarships, summer camps and encourage healthy lifestyle habits for millions of people. Our Founding Partner, Jesse Jones, donates his time as a member of the Board of Advisors for the Kraft Family YMCA in Apex, North Carolina. Donations, but not memberships, to the YMCA and YWCA are tax deductible. If you are interested in donating, please visit their websites here to donate to the YMCA or here to donate to the YWCA. Habitat for Humanity: Habitat for Humanity is a 501(c)(3) non-profit that works to help provide housing to low-income members of society. Since 1976 this charitable organization has helped over ten million hard-working people build and fund their own homes. A favorite of young people, this organization has served in over 70 countries and continues to improve the lives of people all around the world. Your donations to Habitat for Humanity are tax-deductible. To find out more about contributing a tax-deductible donation to Habitat for Humanity, please visit their website here. Meals on Wheels: Meals on Wheels is a charitable organization that seeks to serve America’s senior citizens through its program of providing meals and safety checks. Meals on Wheels also helps reduce senior isolation, which can have a very dangerous effect on serious citizens, as well as lead to depression. Meals on Wheels is a 501(c)(3) non-profit organization. To learn more about how you can help Meals on Wheels, please visit their website here. For more information about charitable organizations, how they spend donations and how they rank in terms of affecting change and efficiency, please visit the Charity Watch website here or the Wise Giving Alliance website here. Both of these websites provide evaluations and/or rankings for a large number of charitable organizations.Categorized: Financing